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Strengthen Medical Billing to Stay Afloat Reimbursement Cuts in 2014

April 24, 2014

Under Obamacare, physicians will be the worst hit due to Patient Protection and Affordable Care Act (PPACA). They will not only become subject to more government regulations and oversight but their dependency on unreliable government reimbursement will also increase. Providers, who are already under tremendous pressure due to healthcare reforms, will face more obstructions in running their business smoothly.

The flawed physician payment system under Obamacare continues to be the same, with no significant solution being provided to Medicare physicians. Healthcare reforms couldn’t offer a remedy to this issue either, placing doctors under constant threat of payment cuts under the SGR formula of Medicare.

Payment cuts will have negative impact on your practice:

Payment cuts will not just affect the financial health of medical practices but also reduce seniors’ access to healthcare. Even though a “doc fix” is passed by Congress every year to override the flawed system, doctors are set to face 25% payment reduction in 2014, unless a similar fix is passed.

With the expansion of Medicaid under Obamacare, approximately 12 million individuals will be added to Medicaid by 2015

Physician reimbursement for treating patients under Medicaid is lower than the payment scale in private sector. Due to low payments, low-income people are having access problems and overcrowding has increased in hospital emergency rooms

Physicians are now refusing to treat Medicaid patients.

Payment cuts scheduled in 2014 will be worsening the problems that come with government red tape, third-party payment, and compliance to reforms and so on. To make sure that billing errors or any inefficiency at the workplace don’t cause further payment cuts, providers will have to strengthen their medical billing processes. Timely, error-free claim submission will ensure that their practice survives reimbursement cuts in 2014.

Why not outsource your billing requirements?

With ICD-10 round the corner, it has become extremely important for practices to make necessary system changes, train or hire experienced coders and devote sufficient time for documentation. So, do you have the time, money and resources to strengthen medical billing services?

Small as well as large practices across the US have started seeking help from a specialized billing service to handle their billing requirements. The billing company takes care of all the daunting coding and billing tasks, enhancing your revenue cycle management and reducing claim denials.

Outsourcing your billing requirements can offer you several other advantages, including:

Access to timely progress reports

Transparency in revenue cycle

Easy access to financial information and patient data

Regular quality assurance checks

Improved income

Effective management of AR

More time for quality patient care

Billing companies like Medicalbillersandcoders.com have been offering effective billing solutions to practices across 50 states in the US. The team of experienced coders and billers at MBC is proficient in handling the billing complexities for different specialties, helping them stay and survive reimbursement cuts. MBC makes use of the latest technology to handle coding and billing tasks so, you can be assured of maximum and timely reimbursements.

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Medical Billers and Coders is the largest consortium in the United States. We can help you save 35% of your cost in medical billing services and reduce your Account Receivables (AR) days to an average of 21 days.

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The impending transition to ICD-10, one of the most crucial changes in healthcare, the new coding system is here. MBC’s professional services in ICD-10 can help you with end-to-end solutions for a successful implementation.